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ENERGY CONVERSION DEVICES, AND ITS SUBSIDIARY, OVONIC BATTERY COMPANY, ANNOUNCE A MATERIALS SUPPLY AGREEMENT WITH DAIDO STEEL COMPANY, LTD.

 TROY, Mich., May 27 /PRNewswire/ -- Energy Conversion Devices, Inc. ("ECD") (OTC: ENER) and its subsidiary, Ovonic Battery Company, Inc. ("OBC"), announced today that ECD/OBC and Daido Steel Company, Ltd. ("Daido"), a major specialty materials manufacturer in Japan, have signed a materials supply agreement under ECD/OBC's proprietary Ovonic hydride materials technology.
 Under this agreement, Daido rights are limited to manufacturing proprietary Ovonic hydride materials for sale to OBC/ECD licensees. This agreement will provide ECD/OBC's current and future licensees with an additional source of supply in order to meet their growing need for the expanding battery market.
 ECD/OBC has granted to Daido a royalty-bearing license to make in Japan and sell worldwide (except in North America and countries of the former USSR) such hydride materials to ECD/OBC's existing and future licensees for use in the manufacture of Ovonic batteries. Under the agreement ECD/OBC will receive $1 million (before Japanese withholding taxes) within 30 days and a royalty advance of $250,000 (before Japanese withholding taxes) within one year thereafter.
 Upon signing this agreement, Stanford R. Ovshinsky, president and chief executive officer of ECD, stated, "This materials supply agreement represents another forward step in the company's overall strategy to make Ovonic nickel metal-hydride battery a world standard for all battery applications, ranging from small portable batteries for appliance and computer uses to large batteries for electric vehicle and industrial load-leveling uses."
 ECD, based in Troy, is the pioneer in amorphous and synthetic materials technology. It manufactures and exploits its technology in the fields of energy, information and synthetic materials.
 -0- 5/27/93
 /CONTACT: Stanford R. Ovshinsky, president and chief executive officer, ECD, and chief executive officer, OBC, 313-280-1900; or Subhash K. Dhar, president and chief operating officer, OBC, 313-362-1750/
 (ENER)


CO: Energy Conversion Devices, Inc.; Ovonic Battery Company, Inc.;
 Daido Steel Company, Ltd. ST: Michigan IN: OIL SU: LIC CON


SM -- DE014 -- 2845 05/27/93 10:08 EDT
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Publication:PR Newswire
Date:May 27, 1993
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